CORONAVIRUS – CHANGES TO WORKING PRACTICES
We at HFBS pride ourselves in the uniquely personal service we provide which enables us to offer industry leading support for our intermediaries and completion times for their clients. Unfortunately extraordinary times call for an extraordinary response and we are mindful of the government’s recent advice to stay at home unless ‘ your work is essential and you are unable to work from home’.
We take our responsibility to all those in our loan processing chain ( introducers, clients, surveyors, existing mortgagors , solicitors etc ) and our overall social responsibility very seriously. We believe that the inevitable enforcement of this ‘lock down’ will make it impossible to process and complete applications.
With effect from close of business on Wednesday 25th March 2020 and until further notice we WILL NOT be accepting, processing or completing applications.
Our initial hope is that this will be for a period of no more than three weeks though we will, of course, be following the government’s guidance. In the meantime all our staff, on a voluntary basis, have agreed to be available on mobiles during normal office hours. There will be a limit on the assistance we are able to provide, however if you have any questions, we will attempt to assist in so far as we are able to do so. The numbers are as follows :
Ian Broadbent, Director ( lives in a remote location so calls/texts may not connect immediately but are generally received and will always be returned) 07903 588394
Daniel Yendall-Collings, Senior Underwriter ( new enquiries ) 07903 652115
Caroline Burgess, Senior Administrator ( existing application updates ) 07403 304346
Deborah Bee, Accounts Manager ( Management of existing outstanding accounts ) 07804 871294
Vicki Wright, Accounts ( payment enquiries ) 07340 115766
It is understandable that clients with an existing account may contact their introducer for advice. On this basis please refer to our advice for existing account holders below.
EXISTING ACCOUNT HOLDERS
As a responsible lender we understand the potential of the current crisis to impact on a clients ‘exit strategy’ , and as a result their ability to meet the contractual obligations to redeem any advance in term.
We can assure you that we will be applying our discretion in a sympathetic manner and will always talk to you. In the first instance these are our promises and recommendations :
- We will NOT instruct any new litigation where a contractual default occurs until at least the 1st July 2020.
- Where a contract becomes ‘term expired’ we do not ( and will not ) charge a Default Rate . Interest will continue to accrue only at the contractual rate applying to the original term.
- We do not ( and will not ) share information regarding the status of an account with any credit reference agencies therefore your credit worthiness will not be affected.
- For those accounts becoming ‘term expired’ between 23rd March 2020 and 1st July 2020 we will waive our usual ‘forbearance fee’ of £400 and provide 1 additional month over and above the contractual term without charge ( OTHER THAN CONTINUING INTEREST AT THE CONTRACTUAL RATE )
- Should you be in a position to make any form of payment however small or large we will accept these as a partial redemption without charge and , once applied to the account as cleared funds, will charge interest only on the remaining balance. IF you are in a position to do so we strongly recommend you do this to reduce your overall cost. Instructions on how to do this can be obtained my emailing on the address above or contacting Mr Ian Broadbent / Mrs Deborah Bee.